First Direct £125 to switch!

Steve_xx

grumbler wrote: »

first direct Cash ISA Transfer Request
I agree absolutely.

Yes thanks for that. I managed to locate it and have completed and sent it off on Friday. But, I was unsure if I needed to open an ISA account with them first. So completed that form too and sent it with the transfer form along with a covering letter explaining that I have already fully subscribed to an ISA for this year and that I am not proposing to transfer the funds from it to them. In other words I'm only transferring funds from previous years ISA to First Direct. So I'm hoping that it is clear to them.

fuzzgun19

Can I just confirm I have this correct?

I would like to switch from Co-op to First Direct for the incentive, but don't mind staying with them for longer.

I open a '1st account' to switch. I would also like to try for a 'Regular Saver' account for the 6% interest.

• I credit £1000 in the first month after the switch for this purpose.

• I am not charged the £10 'fee' for the first 6 months of opening the '1st account'.

• After 6 months, I need to credit the '1st account' with £1000 per month to avoid the £10 fee as having a regular saver account would not count.

Is there also something about them paying you £100? if you close the account?

xkpa

All your statements are correct, except that if you apply for their eSaving account and add 1 pound to it it will waive the 10 pounds monthly fee.

About the 100 incentive for leaving First Direct - from what i heard, you need to give them good reason why they are not working great for you.

meer53

xkpa wrote: »

All your statements are correct, except that if you apply for their eSaving account and add 1 pound to it it will waive the 10 pounds monthly fee.

About the 100 incentive for leaving First Direct - from what i heard, you need to give them good reason why they are not working great for you.

No need to pay £1 into the savings account. It just needs to be open. Most people don't have a problem getting the leaving incentive.

fuzzgun19

Thanks, so I could have a '1st account', 'regular saver' and also an 'e-saver'?

Archi_Bald

Yes.......................................................

babe-ruth

I don't understand why first direct would pay you £100 for leaving! Or have I got is wrong

meer53

babe-ruth wrote: »

I don't understand why first direct would pay you £100 for leaving! Or have I got is wrong

https://www2.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_LHM_BA_BA1330

fuzzgun19

If I have the £1000 in my FD e-saver, and transfer it to my 1st account for the purpose of the incentive, will this count, or would it have to be transferred in from a completely different bank?

grumbler

How have you got £1000 in e-saver in the first place? If this money came through the current account, then have you not qualified for the incentive already?
Also, what's the point in keeping £1K in e-saver paying pathetic 0.25%?